A Career in Risk Management!
Risk Management Courses which focuses on calamity management has opened a new avenue in the field of study in India. Urbanization has increased the risks of natural calamities like flood, earthquake, fire etc. Residents of earthquake prone region and coal mine areas are always threatened by the damage caused by the movement of earth and exposure to toxic and methane gas respectively.
Risk management students are even educated on how to handle building collapse, industrial gas outflow and epidemics. Thickly inhabited areas are mostly threatened by mass devastation of artificial or natural nature. Besides natural calamities, Risk management deals with risks related to financial investments, wealth management, share market operations etc. which gets caused by non-materialistic risks like financial failure, project failures, share market crash etc.
The process of Risk Management stands on prioritizing the most susceptible to be catered first. Classification of risk is done on the basis of the value of the damage incurred since, risks can be of either lower value loss with high possibility of occurrence or high value loss but minor possibility of occurrence. To judge the type of risk, one needs to go through a thorough training.
The upcoming of quality assurance as a custom in the global industries has given a crucial dimension to Risk Management. The process of Risk Management is used as parameters to evaluate a concern’s worthiness. Effectual Risk Management in industrialized enterprises deploys the different paraphernalia of Process Management.
The main concern of Risk Management is to identify and measure the risks which a firm faces. Risk managers can either be Specialists concentrating on a particular area or Generalists covering numerous different fields. The chief group of risk in the financial industry includes:
Non-payment on loans unmitigated by a firm
Losses on the stock of securities seized by traders
Losses on asset securities in custody of the firm’s account
Risk Management employees develop and implement procedures and rules designed to diminish these risks. They even utilize diverse economic contracts and instruments like Insurance, Derivatives, Options contracts, Futures contracts and Swaps to manage and control risks.
Courses and Eligibility
Though Graduation is the minimum required qualification to work in this field, it often necessitates a trainee to be an MBA with strong quantitative ability. Numerous official risk management certifications are prevalent in the field of education prescribed by an increasing number of companies which might assist in building up a career in Risk Management. Experience in accounting, law, insurance, compliance and operational part of the fiscal industry definitely adds on to the credentials.
The most excellent risk professionals are featured to be detail-oriented with an intense understanding of the impact of nonfigurative forces on a business and with a flair for numbers. Companies are in constant hunt of candidates who are:
Have Bachelor’s degree in finance, business, actuarial sciences etc.
Have done MBA or BBA in risk management
Have work experience of business insurance underwriters
Have work experience of claims managers or claims adjusters in renowned insurance organizations
Hold designations like CPCU or ARM in a company
Jobs related to Risk Management mostly subsist in financial segment. After successful completion of risk management studies, qualified and well-trained risk management experts are appointed by insurance companies, venture capitalists and wealth managers in diverse capacities. Competent candidates can switch over to rewarding careers in this field by pursuing at least any one of the below-mentioned channels:
Networking: One of the precious tools for career changers and qualified risk managers is present-day career network. The Risk and Insurance Management Society and The Risk Management Association meet business insiders and are knowledgeable about the different openings in the industry.
Local firms: Professionals residing in the metropolitans might not be aware of the local contractors specialized in Enterprise Risk Management. Job seekers should be well-aware of these firms to stay updated about new job openings.
Online career websites: Nowadays this is one of the most authentic methods to look for a new job posting. However, candidates using Online Career Websites should stay alert about the fact that competition in this field is fierce and can be time consuming.
One can build up a career in Risk Management as the following:
- Program Manager
- Enterprise Risk Manager
- Risk Analyst – Information Security
- Manager- Operations Performance Management
- Chief Risk Manager
- Information Risk Manager
- Information Risk Lead
- Environment Health & Safety Leader
- Operational Risk Manager
Institutes in India
Institute of Insurance and Risk Management
1149, Road 57, Jubilee Hills, Hyderabad – 500033
Course: International Post Graduate Diploma in risk Management
Duration: One year
The Institute of Chartered Accountants in India
Post Box 7100, Indraprastha Marg, New Delhi – 110002
Course: Certificate course in Enterprise Risk Management
Indian Institute of Banking and Finance
The Arcade, 2nd Floor, World Trade Center,
Cuffe Parade, Mumbai – 400005;
Course: Diploma is Treasury, Investment and Risk Management